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Analyst Actions: Best Buy, Hess, Adobe Systems


Opinions on stocks in the news Tuesday

From Standard & Poor's Equity ResearchUBS FINANCIAL MAINTAINS BUY ON BEST BUY

UBS analyst Brian Nagel says that Best Buy's (BBY) better-than-expected third quarter results, on strong sales and cost controls, should ease some spending-related concerns that have weighed on BBY shares lately. He thinks the company's raised fiscal year 2008 (February) guidance is very solid, and confirms that the company continues to perform exceptionally well in a challenging macro environment, and while other chains falter.

Nagel sees $3.10 fiscal year 2008 EPS, $3.70 fiscal year 2009. He keeps $68 12-month target price, a mid-teens multiple on his fiscal year 2010 EPS estimate.

FRIEDMAN BILLINGS RAISES PRICE TARGET ON HESS, SOME PEERS

Friedman Billings analyst Eitan Bernstein says crude oil prices have shown remarkable strength this year, and, while remains concerned about potential for a near-term pullback, he believes that prices are unlikely to fall much below the $70 per barrel level and will most likely average $85 or more, for the next several years.

Bernstein thinks this is a result of OPEC member countries continuing to manage volumes to maximize revenues; and emerging market economies consuming ever more crude oil. As a result, he raises his 2008 crude oil price forecast from $60 to $80 a barrel.

He also raises price targets on the following: HES from $73 to $97; Marathon Oil (MRO) from $50 to $65; Murphy Oil (MUR) from $64 to $81; and Occidental Petroleum (OXY) from $56 to $87.

DEUTSCHE BANK UPGRADES ADOBE SYSTEMS

Deutsche Bank analyst Lou Taylor says he's upgrading Adobe Systems (ADBE) to buy from hold as negative sentiment has created an attractive entry point, in his view. He notes, as of Monday, ADBE was down about 1% year to date.

Taylor believes "strong" fourth quarter results and "healthy" first quatrer guidance should be viewed favorably. He sees fiscal year 2008 (November) as outperforming year because, among other things, he believes Creative Suite 3 "has a longer tail than most investors anticipate" and he sees this as supporting near-term fundamental performance to expectations.

He also sees investors buying ADBE before the second half 2008 product cycle (with Acrobat due in the third quarter). He ups $49 price target to $52.


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